French President Emmanuel Macron, in a conversation with the head of the American administration, Joe Biden said that Saudi Arabia and the UAE have no way to greatly increase oil production. This was reported by Reuters.
The French president referred to a conversation with Sheikh Mohammed Ben Zaid al-Nahayan. “He told me two things. I am at a maximum, at a maximum (production capacity),” Macron Sheikh quoted.
Also, according to the leader of the UAE, “Saudi Arabia can increase production by 150 (thousands of barrels per day). Maybe a little more, but they do not have huge capacities earlier than six months later”
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His words were confirmed by the Minister of Energy of the UAE Suhel Ben Mohammed Al Mazrui. “In the light of recent media reports, I would like to clarify that the UAE is producing oil close to our maximum production capacity, based on the current basic level of OPEC+production,” he said.
World oil prices are steadily rising, including because of the Russian-Ukrainian war. Europe, in turn, is looking for a replacement for sanctions Russian energy. She turned to the UAE and Saudi Arabia for help, since these countries are the only oil exporting countries (OPEC) with reserve capacities to increase global supplies.